Well so far, I'm at a crossroads. For bearings I am using some random ones that were lying around and just happened to fit a rod I had.
This is my headstock shaft as it sits:
The pulley is mounted onto a sleeve with a setscrew. That assembly is situated on a section of all-thread with some shims for concentrically. On either side of the sleeve are two bearings (INA 6001 if specifics are needed, I have plenty handy so I used them) which will be inset into the headstock housing and the whole shebang is held tight with two nuts, may later add locknuts or similar. These nuts are what actually transmits the rotational force to the rod, so I'll see how that holds and modify from there.
What my lathe bed and "ways" will look like. The toolpost will be a wide "C" arrangement that will slide in the two slots shown on the sides.
A closer view of what the wayplates look like. Next step is to get the two mounted to each side of the main bed piece, parallel to each other and polished for easy traverse.
Now I have a question!
After assembling what I have shown for a shaft, my father told me that the 1/2" All-Thread I was using was not a suitable item as a shaft, and after some thought I'd tend to agree given that it is a material designed for tension, not torsion. As you all deal with this material more than I do and have better understanding of the forces involved, what is your input? Is it fine as-is, or should I order in real shafting, along with bearings and blocks?